Jennison Associates LLC Sells 284,087 Shares of Procore Technologies, Inc. $PCOR

Jennison Associates LLC decreased its holdings in Procore Technologies, Inc. (NYSE:PCOR) by 49.9% in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 285,010 shares of the company’s stock after selling 284,087 shares during the quarter. Jennison Associates LLC owned 0.19% of Procore Technologies worth $16,246,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Brighton Jones LLC purchased a new position in shares of Procore Technologies during the fourth quarter valued at approximately $511,000. Goldman Sachs Group Inc. boosted its holdings in Procore Technologies by 5.2% in the first quarter. Goldman Sachs Group Inc. now owns 732,988 shares of the company’s stock worth $48,392,000 after purchasing an additional 36,426 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in Procore Technologies by 17.6% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 350,746 shares of the company’s stock worth $23,156,000 after purchasing an additional 52,507 shares during the last quarter. Prudential Financial Inc. grew its position in Procore Technologies by 56.8% in the 2nd quarter. Prudential Financial Inc. now owns 6,850 shares of the company’s stock worth $471,000 after purchasing an additional 2,480 shares during the period. Finally, Russell Investments Group Ltd. grew its position in Procore Technologies by 3.8% in the 2nd quarter. Russell Investments Group Ltd. now owns 7,312 shares of the company’s stock worth $500,000 after purchasing an additional 269 shares during the period. Institutional investors own 81.10% of the company’s stock.

Procore Technologies Stock Performance

Shares of NYSE PCOR opened at $44.38 on Wednesday. The firm has a fifty day moving average price of $44.76 and a 200-day moving average price of $53.20. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.12 and a quick ratio of 1.12. The stock has a market cap of $6.70 billion, a PE ratio of -87.01 and a beta of 0.75. Procore Technologies, Inc. has a 1 year low of $38.03 and a 1 year high of $82.32.

Procore Technologies (NYSE:PCOR) last released its earnings results on Tuesday, May 5th. The company reported $0.34 earnings per share for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.02). The firm had revenue of $359.28 million for the quarter, compared to analysts’ expectations of $352.82 million. Procore Technologies had a negative net margin of 5.61% and a negative return on equity of 2.24%. The firm’s quarterly revenue was up 15.7% compared to the same quarter last year. During the same quarter last year, the firm posted $0.23 EPS. Equities analysts anticipate that Procore Technologies, Inc. will post 0.06 earnings per share for the current fiscal year.

Insider Buying and Selling at Procore Technologies

In related news, insider Benjamin C. Singer sold 3,942 shares of the stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $50.00, for a total transaction of $197,100.00. Following the completion of the sale, the insider owned 96,723 shares in the company, valued at approximately $4,836,150. This trade represents a 3.92% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Connor Kevin J. O sold 5,769 shares of the stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $41.93, for a total value of $241,894.17. Following the sale, the director owned 967,901 shares of the company’s stock, valued at $40,584,088.93. This represents a 0.59% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 189,621 shares of company stock valued at $8,791,847 over the last ninety days. 16.80% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on PCOR shares. The Goldman Sachs Group lowered their price target on Procore Technologies from $80.00 to $70.00 and set a “buy” rating on the stock in a report on Thursday, May 7th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Procore Technologies in a report on Monday, July 6th. Piper Sandler reduced their price objective on Procore Technologies from $79.00 to $71.00 and set an “overweight” rating for the company in a research report on Wednesday, May 6th. Wall Street Zen downgraded Procore Technologies from a “buy” rating to a “hold” rating in a report on Saturday, May 2nd. Finally, Jefferies Financial Group dropped their target price on Procore Technologies from $95.00 to $75.00 and set a “buy” rating on the stock in a research report on Tuesday. Sixteen research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $70.62.

About Procore Technologies

Procore Technologies, Inc engages in the provision of a cloud-based construction management platform and related software products in the United States and internationally. The company’s platform enables owners, general and specialty contractors, architects, and engineers to collaborate on construction projects. It offers Preconstruction that facilitates collaboration between internal and external stakeholders during the planning, budgeting, estimating, bidding, and partner selection phase of a construction project; and Project Execution, which enables real-time collaboration, information storage, design, BIM model clash detection, and regulation compliance for teams on the jobsite and in the back office.